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Calculating your readiness to buy a house involves a lot of different factors. Among them, though, financial considerations and affordability are usually near the top of the list. Things like home prices, your income, job security, and mortgage rates will be a big determiner of whether or not you feel like now’s the time to buy. Fortunately, prospective home buyers currently calculating their readiness will find that, in most cases, conditions are improving. For example, Freddie Mac’s most recent Primary Mortgage Market Survey shows that mortgage rates have moderated after rising in April. Sam Khater, Freddie Mac’s chief economist, says combined with a strong job market and modest wage growth, this is good news for potential home buyers. “Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease,†Khater said. “A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring.†More here.

Anyone who’s been paying attention to the housing market over the past couple of years knows home prices have been increasing. That’s good news for homeowners who are thinking of selling their house and moving somewhere new. But just how good? Well, according to ATTOM Data Solution’s Q1 2019 Home Sales Report, homeowners who sold during the first quarter of the year saw an average price gain of $57,500 over what they originally paid for their home. That’s an average 31.5 percent return on their original purchase price. But though that’s a pretty good return, it is down from where it was at the end of last year, when the average gain was $60,000. Still homeowners who want to sell this year, can expect to get a good price for their property. That’s good news for potential sellers but it can also be good for buyers. After all, if more homeowners put their homes up for sale, it’ll boost inventory levels, which will help balance the market and give prospective buyers more choices. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week. Rates for 30-year fixed-rate loans with conforming and jumbo balances were down slightly, while 15-year fixed-rate mortgages saw no movement. Loans backed by the Federal Housing Administration increased from the week before. Joel Kan, MBA’s associate vice president of economic and industry forecasting, said demand for loans to buy homes was also up. “We saw a good week for the spring home buying seasons, as a 5 percent increase in purchase applications – both weekly and year-over-year – drove the results,†Kan said. “Average loan amounts also stayed elevated, with government purchase applications rising to the highest in the survey. Even with slower price appreciation in higher-priced markets, home prices are still rising enough to push average loan sizes higher.†The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Americans value homeownership. It has long been seen as part of achieving the American dream and, when asked, large majorities of those who don’t currently own a home say they’d like to one day. In short, buying a home is popular. But when thinking about whether or not now is the right time to do it, perceptions of the market can sway your decision. After all, nobody wants to buy at the wrong time. So what do Americans think about the housing market these days? Well, according to Fannie Mae’s most recent Home Purchase Sentiment Index, they’re feeling confident financially and see conditions improving over the next year. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says optimism fell in March but overall results were encouraging. “While home selling confidence remains strong and more consumers on net expect mortgage rates to decline over the next year, respondents walked back some of their buying optimism in March,†Duncan said. “Improving perceptions of income gains and a softening home price growth outlook should help support housing demand.†More here.

After the housing crash, home prices and mortgage rates were low and the market was ripe for buyers. Americans who were in position to buy could be confident that they’d find a good deal. These days, things have changed. The market has largely rebounded and hopeful home shoppers have more concerns about affordability than they did even just a few years ago. Fortunately though, according to one recent report, most housing markets are still within reach. In fact, buyers earning the median income – which is typically quoted somewhere around $60,000 – can still afford a median-priced home in the majority of markets. Additionally, lower-middle class families are able to afford a median-priced home in 34 of the nation’s largest metros. And while it’s true that buying a home isn’t as affordable as it once was, most housing markets have simply returned to their historical average, rather than having inflated beyond what’s considered normal. In other words, despite the price recovery, the housing market remains a pretty good deal for buyers. More here.

Naturally, home prices are important to home buyers. When they’re high, you get less house for your money. And, if you’re a buyer, you’re most likely trying to get as good a deal as you can. That’s why the most recent S&P/Case-Shiller Home Price Indices should be encouraging news. The Index – which is the leading measure of U.S. home prices – found that, on a month-over-month basis, prices are flat and, on an annual basis, the rate of increases has continued to slow. David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, says prices have been following a gradual trajectory. “The pace of increases for home prices continues to slow,†Blitzer said. “Homes began their climb in 2012 and accelerated until late 2013 when annual increases reached double digits. Subsequently, increases slowed until now when the National Index is up 4 percent in the last 12 months.†More here.

According to the popular Christmas song, the holidays are the most wonderful time of the year. But not if you’re trying to sell a home. After all, winter is typically not the time home buyers go out shopping for a house. So what is the best time of the year if you’re a homeowner with a house to sell? Well, according to a new analysis from ATTOM Data Solutions, spring and summer are the seasons when sellers see the biggest premiums. In fact, of the nine days of the year that sellers saw a premium of 10 percent or more, eight of them occurred during summer months. Todd Teta, chief product officer with ATTOM, says this is no surprise. “Since Summer is a time for vacations and outings, it’s no surprise that it’s also a time when people are most likely to move,†Teta said. “Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations.†Specifically, May and June are the best months for selling a house, with homes sold in June selling for an average of 9.2 percent above estimated market value. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week. They were down for 30-year fixed-rate loans with both conforming and jumbo balances, as well as mortgages backed by the Federal Housing Administration and 15-year fixed-rate loans. Joel Kan, MBA’s associate vice president of economic and industry forecasting, said the decline was due to global economic conditions rather than conditions in the US. “Mortgage rates were lower last week, as concerns over global growth, particularly in Germany, outweighed more positive domestic news on first quarter GDP growth and business investment,†Kan said. But though interest rates fell, so did demand for mortgage applications. In fact, both refinance activity and demand for loans to buy homes fell from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Choosing a house to buy takes a little bit of vision. After all, it’s easy to know what you want in a home today, but more difficult to know for sure what you’ll want years from now. Things change and your life will undoubtedly take some unexpected twists and turns. But just how long should you expect to live in the house you buy? Well, according to ATTOM Data Solutions’ Q1 2019 U.S. Home Sales Report, homeowners who sold in the first quarter of this year had lived in their home an average of 8.05 years. For comparison, that’s close to double what it was prior to the housing crash, when homeownership tenure averaged 4.21 years. In short, you’re likely going to spend close to a decade in the house you buy. That means, home buyers need to be thinking of, not only what they need from a house today, but also what they hope and plan for over the next several years. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase continues an upward trend that has caused some hesitation among borrowers, especially those looking to refinance. Michael Fratantoni, MBA’s senior vice president and chief economist, says rates have risen over the past three weeks due to fewer geopolitical concerns and a stronger U.S. economy. “Borrowing costs have recently drifted higher because of ebbing geopolitical concerns, as well as signs of strengthening in the U.S. economy, including the recent data pointing to robust retail sales,” Fratantoni said. “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers.” Still, though rates are up from where they were a few weeks ago, they remain low by historical standards and even from where they were at the end of last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.